The sell-off across equities, commodities, and risk assets continued Monday amid an ongoing deterioration in risk appetite. Heightened fears that the accelerated spread of the Delta variant will derail the global economic recovery, forcing investors to retrace the reflection narrative and chase Safe Haven plays. The Australian dollar lost 1% through trade on Monday, plunging below 0.74 to touch Intraday and year-to-date lows at 0.7327. The burgeoning spread of the delta variant, even among countries with high vaccination rates is alarming. The UK, US, and Europe have all reported a surge in COVID 19 numbers and while this strain appears not to have developed a resistance to existing vaccines, those swathes of the population that remain unvaccinated are increasingly vulnerable as hospital admission and deaths begin to rise. With the virus spreading largely unchecked among developing countries, there is real concern new and more virulent variants will emerge. This is a serious setback to the global economic recovery and all but squashes hope the AUD would recover back to 0.77 – 0.80 US cents come year-end. With demand for risk continuing to falter the outlook for the AUD appears increasingly bearish.
AUD/USD Short (Sell) Enter at: 0.73280 T.P: 0.73082 S.L: 0.73500
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